The  major reform – born from the deduction of national sport's commission boss John Wylie that Britain's model is "better and smarter than ours" - is but one solution being proposed after Australia missed its Olympic gold medal forecast by more than half at the Rio Games.

Another proposal is the merging of longstanding state sporting institutes and academies with the Australian Institute of Sport to create a more efficient federal system.

Wylie, chairman of the taxpayer-funded Australian Sports Commission, insists more money would not have guaranteed more medals for the country in Brazil - Australia won 29 medals in total last month, including eight gold to finish eighth on the medal table but well behind seventh-ranked Japan - yet after a searching board meeting the ASC has come away prioritising a profound overhaul of funding streams.

The ASC remains one-eyed in its commitment to the contentious 'Winning Edge' blueprint for Australian sport.

Wylie, outgoing Australian Institute of Sport CEO Simon Hollingsworth and AIS director Matt Favier are the trio behind the 'Winning Edge' model that has a most ardent critic in Australian Olympic Committee president John Coates.

Before competition in Rio even finished, Coates, who had already made it clear he believes 'Winning Edge' is fundamentally flawed, attacked several heads of Australian Olympic sports and walked away from an ASC think-tank panel that is set to re-imagine the best way forward for a nation that has clearly lost what it once had in terms of top international sporting prowess.

In launching 'Australia's Winning Edge 2012-22 - The Next Phase', Wylie said: "The ASC board has met this week and has committed unanimously to the key principles of its long term improvement plan for Australian high performance sport.

"There is no doubt we can learn and improve from the experience of the past four years and from the Rio Olympics, but the core principles of the strategy remain sound, valid and in the long-term interests of the Australian sport sector.

"Australia's Winning Edge is built on evidence-based funding decisions, high aspirations for achievement…it needs to be understood that these changes strengthen sports but don't produce results overnight."

Wylie refused to bite on Coates' scathing criticism of national sports heads including John Bertrand and Malcolm Speed,  instead taking a diplomatic tact of saying the invitation for Coates or an AOC representative to sit on the ASC-AIS panel remains open.

The ASC released data after its board meeting on Tuesday to show that from a sample of 11 comparable nations, none overestimated its ability more in Rio and missed the mark so badly.

The United States forecast winning 38 gold medals in Rio but claimed a Games-high 46.

Great Britain projected a gold medal haul of 18 in Brazil but won 27.

Australia, however, forecast it could win as many as 16 gold medals at the Games but left with half that number.

The ASC is basing its ongoing optimism about Australian returning to a top-five position on the fact Australian athletes aged 24 or under posted a record number of top-eight finishes in Rio.

To convert this promise into gold in a timeframe Wylie described broadly as "the medium term" however, Australia in the view of the ASC chief "will need new and deeper sources of funding".

ASC funding – which comes from the federal government - has dropped from $268 million in 2010-11 to $254 million in 2015-16.

"That is a cut of 15 per cent in real terms," Wylie said.

"It's not a criticism, it's simply a fact and we…are not going to highlight lack of funding as the reason, or even a major for our performance in Rio.

"It's far from clear more money would have meant more medals in this campaign."

Wylie stated, however, that "Australia can't expect to enjoy sporting success of yesteryear with yesteryear's funding".

He said the United Kingdom, this year, stood to invest around 60 per cent more than Australia in high-performance sport.

"That's made possible, in large measure, due to its national lottery," Wylie said.

"Their stronger financial base means that they invest more in their sporting system and can hire the best talent from around the world, including a lot of Australians.

"It's difficult to avoid the conclusion that the British funding model is better and smarter than ours in today's world."